SHARES in engineering firm Meggitt -- which employs more than 200 in Blackburn -- nosedived after it announced the end of a contract with Boeing.
The aerospace giant pulled out of a deal to upgrade its aeroplanes' flight display instruments when the American company Meggitt used to make glass for the devices closed its production facilities.
Meggitt chief executive Mike Stacey said the US supplier, Optical Imaging Systems, had given only 24 hours' notice of its plans to shut the plant.
Shares in Meggitt, which owns the Meggitt Petroleum Systems and Silicone Engineering in Blackburn, fell by more than eight per cent on the news, although it will only see an annual reduction in sales of around £8 million by the year 2000.
The local sites are unaffected the ending of the contract.
Mr Stacey added: "We are furious about the whole thing. We have not screwed up on the contract at all but we are suffering anyway."
Converted for the new archive on 14 July 2000. Some images and formatting may have been lost in the conversion.
Comments: Our rules
We want our comments to be a lively and valuable part of our community - a place where readers can debate and engage with the most important local issues. The ability to comment on our stories is a privilege, not a right, however, and that privilege may be withdrawn if it is abused or misused.
Please report any comments that break our rules.
Read the rules hereComments are closed on this article